| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 |
| Reserves | 78 | 70 | 61 | 45 | 91 | 11 | 16 | 16 |
| Borrowings | 64 | 57 | 53 | 46 | 0 | 0 | 0 | 0 |
| Other Liabilities | 33 | 23 | 27 | 27 | 6 | 7 | 3 | 3 |
| Total Liabilities | 194 | 169 | 161 | 138 | 116 | 37 | 37 | 38 |
| AssetsFixed Assets | 81 | 69 | 58 | 47 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 112 | 100 | 103 | 91 | 116 | 37 | 37 | 38 |
| Total Assets | 194 | 169 | 161 | 138 | 116 | 37 | 37 | 38 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -16 | -0 | -1 | 7 | 6 | -7 | 2 | 1 |
| Cash from Investing | 6 | 50 | -28 | 8 | 1 | 120 | -29 | 0 |
| Cash from Financing | 0 | -12 | -7 | -10 | -13 | -11 | -80 | 0 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -19 | -3 | -1 | 6 | 4 | -10 | 2 | 1 |
| FCF Margin | — | — | — | — | — | — | — | — |
This looks cyclical, and we don't have enough quarters to establish a through-cycle earnings base. Valuing it off the current point in the cycle would be misleading.
FORTISMLR · CYCLICAL_UNMODELABLE
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